Twitter, whose user base has grown steadily and exceeded 185 million users last year, is experimenting with NFTs to allow users to view their collections as profile pictures.
According to Mada Aflak, senior software engineer at Twitter, the microblogging platform is working on new features that will allow users to import their NFT collection from their wallets to the blockchain. This feature displays a verified check mark for the blockchain on which the NFT was minted.
As promised, this is the first test. We look forward to feedback and ideas https://t.co/TDyhibCXfG pic.twitter.com/2ifru9T2Pa
– Mada Aflak (@af_mada) September 29, 2021
Twitter’s verified NFTs could be the answer to a problem plaguing crypto Twitter. After NFT exploded earlier this year, and collectibles like CryptoPunks retailed for hundreds of thousands and even millions of dollars, they were used as avatars.
While blockchain ownership can be easily verified, on social media anyone can copy and paste someone else’s profile picture and use it on their own profile. When this happened to extremely expensive NFTs, the collectors were not pleased.
For example, digital artist Mike Winkelmann, better known as Beeple, sold one of his NFT artwork for $ 69 million and is the leading brand in the NFT market. OpenSea has monthly sales of $ 4 billion. A lot of money is at stake, and while some people argue that copying and pasting an NFT only makes it more valuable because it attracts attention, others want to use and own it exclusively.
Without any verification process, someone else’s NFT can easily be reused on social media. For example, to check their ownership of NFTs, users can link their wallets, although doing so can compromise their anonymity. NFT visibility and property verification can now be part of a new reputation system on the web.
New reputation system in the digital world
The early adopters of cryptocurrencies are revered as visionaries who saw trillions of dollars worth of illiquid and risky market what no one else did. Owning rare NFTs can now be viewed as a way to demonstrate crypto literacy and identify yourself as a proud member of the community.
Speaking to Cointelegraph, Alex Salnikov, co-founder and product manager of the NFT marketplace Rarible, noted that it is only a matter of time before NFT is published on Twitter.
He added that the feature could be part of a new reputation system for the ever-evolving digital world, saying, “The importance of Twitter’s new feature does not lie in its ability to show that certain NFTs belong only to the owner of the record. “According to him, the opposite is true:
“Access to the data that enables this function is the most important thing here: What was the origin of the NFT, who was the previous owner and for how much was it bought? It’s a new reputation system for the digital world. “
Jesse Johnson, co-founder of the cross-project DeFi and NFT project Aavegotchi, told Cointelegraph that he was excited about the possibilities Twitter can offer with NFT verification to show our digital identities in digital avatar, “it only makes sense that “What’s in your wallet” becomes just as valid as “who you are” as a source of receipts. “
Twitter, whose CEO Jack Dorsey is a popular Bitcoin (BTC) proponent who sold the first tweet posted on the platform for $ 2.9 million in March, is not a social media giant but the only association that tests the waters with NFT.
In a September 28 announcement, TikTok announced that it was launching an NFT collection inspired by its top creators such as Lil Nas X, Bella Poarch, Curtis Roach, and others. NFTs are launched on the Ethereum network and operated by Immutable X, a new scaling solution for the Layer 2 NFT Immutable protocol.
The collection, called TikTok Top Moments, will feature a curated selection of six TikTok videos from the network’s most influential creators to celebrate their influence to make it one of the most popular platforms in the world. The proceeds from the sale go directly to the content creators and NFT artists.
– Josh Ong (@beijingdou) October 3, 2021
Commenting on TikTok’s move, Salnikov said that celebrities on the platform are now “looking to make money with NFT, the main vehicle of the metaverse,” which is “great news for the entire market” as it is about the “mass adoption, the the cryptocurrency “industry has been waiting for over a decade. “
With over a billion users, TikTok is one of the largest social media platforms in the world. The use of blockchain technology brings it one step closer to the mainstream audience that one day, without even realizing it, could hold assets on the blockchain.
Monetize intellectual property
DigitalBits CEO Daniele Mensi commented that NFT is “changing the way we measure property,” adding that TikTok’s move “opens another era of value creation for consumers around the world.”
Mensi added that anything can be an NFT, including TikTok videos. As a result, TikTok stars are now selling their content as NFTs, giving “fans the chance to own a piece of their work”. He added:
“That paves the way and makes everything NFT more acceptable. As abbreviations become more popular, people will see how valuable and even necessary NFTs are. “
Waves blockchain founder Sasha Ivanov said TikTok’s ability to “create viral moments and cultural trends, as well as connect global communities will play an important role in the growth of the global community,” he said.
In particular, TikTok has incorporated blockchain technology into its business over the years. In August of this year, it teamed up with the blockchain streaming platform Audius for a new feature called TikTok Sounds. The partnership enables Audius users to export songs created using the protocol to TikTok.
Solo Ceesay, co-founder of the social marketplace for Calaxy inventors, told Cointelegraph that TikTok’s announcement raised awareness of the wider use of NFT as “a community-building monetization tool,” contracts and intellectual property (IP).
Intellectual property monetization has been a hot topic for years, according to Ceesay, and NFT is “evidence of proven scarcity,” a combination that could usher in the “next wave of consumers.”
TikTok and Twitter are now actively betting on unusable tokens (NFTs), but the journey that has brought us here has been a wild one. In 2013, the young crypto community discussed the potential colored coins that needed to bring real assets to the blockchain. Fast forward 8 years and now discuss how unique blockchain based assets find their way into their favorite social media platforms used by billions of people.